Bitcoin Global News (BGN)

September 18, 2018 -- ADVFN Crypto NewsWire -- From Venezuela to Palestine, more and more, citizens of the world are relying on Cryptocurrencies for payments amid any sort of conflict, governmental or otherwise. 

In Gaza, as of just recently, around 20 new exchange businesses have surfaced that deal only in Cryptocurrencies, which in this case, means mostly Bitcoin. According to Coindesk and Ahmed Ismail, a financial analyst who served as their primary source, people are doing this to grow their money abroad as well as keep it safe.

Given that many have argued that Bitcoin’s primary usage is as a store of value, this

would seem to be a good expression of this, in practice.

A logical question which can come from such a usage is: will the adoption of Bitcoin by 

citizens of conflict zones like Gaza lead to true, widespread adoption one day? Logically, the easy answer is: not alone, however, if we refer back to Satoshi’s original white paper, then we can easily see that because he built Bitcoin to be a currency that is free of government control, this is how it was meant to be utilized.

Furthermore, if the fact is considered that Palestine has no national currency of its own and relies on what it deems to be the most stable foreign currencies, then one could extrapolate that if and when the conflict dies down, this might be our first example of a Crypto driven country.

To be fair, for that to happen, the conflict over Gaza and the rest of the West Bank would have to stop and an infrastructure would have to be developed that lets the Palestinian people exchange between fiat and Crypto. 

In the end, the possibility exists. Despite this, it is a distant hope, at best.

Standing in the way is the existing goal of the Palestinian government of eventually creating a national currency. 

By: BGN Editorial Staff








 

News:

Cryptocurrencies